Are you serving or have previously served in the United States Military and want to purchase a home using your VA loan benefit? This is an exciting time for you looking for the perfect property to purchase and call home. The prospect of home ownership is filled with various steps and obtaining a VA loan is no different. Although you may qualify as a service member, there are still some things to keep in mind when setting out on this adventure.
Your very first step should be finding a VA approved lender to get the qualification process started. The VA does not issue the loans; but they are the guarantors for the loan. An example of an established VA approved lender is Flagship Financial; having the solid reputation of helping veterans realize their dream of home ownership. Before moving forward, take a look at the following list of things to consider before getting a VA home loan.
Your VA home loan must meet certain requirements according to the Department of Veterans Affairs website the loans can be used in the following manner:
• Buy a home or a condominium unit in a VA-approved project
• Build a home
• Simultaneously purchase and improve a home
• Improve a home by installing energy-related features or making home improvements
• Buy a manufactured home and/or lot
The VA will send out an appraiser to ensure the property meets the standards set forth for purchase. Also, the home that you are looking to buy must be used as your primary residence; it cannot be a rental property or business.
Another perk of obtaining a VA loan is you can secure your funds with no money down. This makes a huge difference for buyers because the expenses associated with home buying can quickly add up. Mortgage insurance is required with most traditional lenders; using a VA loan it is not required possibly saving hundreds of dollars per month. Keep in mind, you still have funding fees that apply, however they are much less expensive than a regular lenders fees, and as a veteran if you are disabled this fee could be waived.
Falling on hard times can happen to the best of us, which brings me to another benefit of obtaining a VA loan. The VA can contact your lender on your behalf to assist with negotiating payments. It’s great to have this type of support from people that are familiar with the process of dealing with mortgage lenders. Being educated with the proper information to get started; you can begin taking the preliminary steps by reaching out to an approved VA lender and get the process started to realize your dream of home ownership.